Ismail outlines 5-point plan to ease FX crunch
(but the devil is in the details — of its implementation)

TL;DR

Ismail outlines five-point plan to ease the nation’s FX crunch (Speed Round)

CBE’s Ramez may accept another term in office (Speed Round)

Facing Egypt’s USD 20 bn financing gap (Speed Round)

OTMT, Act Financial start due diligence on Beltone; Beltone PE not in plan (Speed Round)

Does the brokerage industry need a bailout? (Speed Round)

Domty isn’t backing down on plans to IPO in 1Q2016, will invest in new plant (Speed Round)

By the Numbers + OTMT and ACT Financial bid for Belton triggers a shift in market sentiment

WHAT WE’RE TRACKING TODAY

The second day of the T20 “Innovation in Government” conference at the Four Seasons Nile Plaza is underway. Leaders from government and the private sector will gather to discuss best practices and dissect case studies with foreign and Egyptian experts alike.

WHAT WE’RE TRACKING THIS WEEK

Tomorrow: The first N Gage Debate tackling the African Tripartite Free-Trade Agreement. You can download their overview report on trade relations with Africa without charge here (pdf). The conference agenda is here (pdf), and you can register online here.

Thursday (15 October): The United Nations General Assembly will elect five rotating, non-permanent seats on the UN Security Council. Egypt is running unopposed for one of two available seats designated for Africa often referred to as the “Arab swing seat,” which alternates every odd year between the Arab states in North Africa and those in Asia.

ON THE HORIZON

The TechWadi Roadshow Powered by Google for Entrepreneurs is coming to Cairo on October 22. The one-day gathering centers around educational workshops “led by TechWadi and powered by Google for Entrepreneurs that will bring experienced entrepreneurs, investors, and technology professionals to mentor local startups in Cairo.” Organizers say mentors will include seasoned professionals from companies like Google, Yahoo, Facebook, as well as founders of Silicon Valley startups. Hit the link register.

LAST NIGHT’S TALK SHOWS

“The prices of vegetables and staple commodities are falling globally, but are somehow rising in Egypt. This is unbelievable. How and why is this happening? The people that are saying the heat is behind the rise in price are delusional. It’s October, what heat are you talking about?” ranted Al Kahera Wal Nas’ Ibrahim Eissa. He then continued: “What makes this trend even more worrying is that the government is surprised that the prices have risen. How can the government be surprised? A surprised government is a failing government,” he growled.

The host concluded the segment by blaming the rise in prices on government mismanagement. “Egypt is practically self-sufficient when it comes to vegetables. We export tomatoes and potatoes to Europe. Poor government planning and mismanagement is to blame for the rise in prices. There is no other reason behind this trend.”

The host’s top ten list on Sunday was “10 reasons Egyptians go to public hospitals.” Personal favorites:

10- Where else will they go? Most Egyptian are poor and, as such, are unable to afford private healthcare.

9- To confirm that the constitution has not been implemented. By going to the hospital, Egyptians will confirm that the government has not increased its spending on healthcare, as is required under the new constitution.

6- Government doctors can relate to Egyptians’ pain. They’re also suffering from depression and are likely to be unhappy with their lives.

5- Government doctors are always willing to write sick notes for their patients.

On Sunday, Lamis El Hadidy, host of Hona El Assema, sat down for an hour-long conversation with the President of Ahly SC Mahmoud Taher to discuss his plans for the club’s future, as well as the reasoning behind his decision to appoint Jose Peseiro as manager of the club’s storied football team. Ahly SC’s board has been highly criticized by fans after the club’s football team suffered a string of defeats in both domestic and continental competitions.

El Hadidy: “Ahly has lost a number of titles over the past month. Fans are unhappy with the performance and are demanding change.”

Taher: “Fans are disappointed. However, they have not called for the removal of the club’s board. We have made mistakes, but we have also achieved many things… Our decision to appoint Jose Peseiro was reached after we thoroughly studied his experience and results as a manager at several clubs… I spoke with board members of Al Wahda FC [the club Peseiro previously managed] to get their thoughts on him. They informed me that he was a great coach… Additionally, Jose Mourinho, manager of Chelsea FC and arguably the best coach in the world, told me that Peseiro is a better manager than Manuel Jose [Ahly SC’s most successful manager].”

SPEED ROUND

Prime Minister Sherif Ismail outlined anew his government’s economic policy in meetings and statements yesterday as the nation at large seemingly awoke to the magnitude of the foreign currency crisis. Key takeaways: Fresh cash coming in: Egypt is expecting USD 1.5 bn in loans from the World Bank and the African Development Bank by the end of 2015, Ismail toldReuters. The loans will come as part “efforts to boost foreign currency reserves and bolster the economy.” In total, Egypt is expecting an inflow of USD 4 bn before the end of the year, Ismail said. Al Mal says the remaining USD 2.5 bn are going to come through land sales to Egyptians living abroad (the Beit El Watan program). The PM also promised that energy subsidies will be reduced by 70% over the next five years. The government is sticking by the original plan to reduce subsidies to EGP 61 bn in FY 2015-16 from last fiscal year’s EGP 70 bn. Energy is a key driver of economic growth, Ismail said, adding that several power plants will be operational in 2016, providing a more secure electricity source domestically. Ismail also emphasized during his meeting with French PM Manuel Valls that Egypt would stay the course on budget cuts and implementation of the VAT, Al-Ahram said in a front-page report on what it called the PM’s “five point plan to address the shortage of foreign exchange.”

What didn’t Ismail discuss? None of the prime minister’s statements since the FX crunch became front-page news on Thursday have mentioned signing up for an IMF assistance package.

Ramez may be at the CBE’s helm for a while longer: Following news reports that Hisham Ramez is intending on not extending his tenure as governor of the CBE, sources are now telling Al Shorouk that Ramez is willing to accept an extension if offered, with additional rumors that he will be offered a four-year extension to stay. The report still reiterates that Ramez would prefer not to stay on as Egypt’s top banker, but would in essence accept an extension because it is the right thing to do. Ramez’s term expires at the end of November. The news came the same day the IMF and World Bank reported named Ramez the Best Central Bank Chairman in the MENA region for 2015 at their annual meeting in Peru. (Read in Arabic or in English) You can also check out Ramez’s address to the IMF / WB meeting here (pdf) in English. Ramez spoke as the representative of all Arab central bank governors.

Egypt is facing a financing gap estimated at USD 20 bn over the coming two years, the IMF’s regional director, Masood Ahmed, told Ahram Online. “Egypt has succeeded for the second consecutive year to achieve improvements in the economy due to the increasing confidence in the political and economic system, as well as the government measures to implement fiscal reform policies… Lowering unemployment rate is a serious challenge facing the government,” Ahmed said. The IMF, however, is still concerned by the elevated debt levels. This concern is not just exclusive to Egypt.Harvard economist Carmen Reinhart says there is a “hidden debt burden of emerging markets” and warns that “though emerging economies’ debts seem largely moderate by historic standards, it seems likely that they are being underestimated, perhaps by a large margin. If so, the magnitude of the ongoing reversal in capital flows that emerging economies are experiencing may be larger than is generally believed – potentially large enough to trigger a crisis.”

Domty still moving ahead with plans to list up to 40% of its shares on EGX, will invest in EGP 100 mn plant: The Arabian Food Industries Co., as Domty is legally known, plans to invest EGP 100 mn on a new factory in 6 October, said company Managing Director Amr El Damaty. The new factory will increase the production capacity to 300 mn packs annually and provide 500 direct new jobs, Amwal Al Ghad reports. El Damaty also recently confirmed that the company is going ahead with plans to list 30-40% of its shares on the EGX in 1Q2016. EFG Hermes is advising on the transaction.

Beltone Financial Holding has agreed to have OTMT and Act Financial begin the due diligence process to acquire 100% of its shares. According a statement sent to the bourse, Beltone also gave a two-week deadline to submit an official acquisition offer. Al Mal claims to have been told by a source that OTMT and Act haven’t yet decided whether Beltone founder Alaa Saba would stay on as chairman if the acquisition is finalized and would not necessarily be looking to merge the company with Act. The paper also added that Samih Sawiris, who owns 9% of Beltone’s shares, has agreed to sell his portion to OTMT and Act.

Beltone PE isn’t in play: The OTMT / Act consortium is going after Beltone Financial Holding, a listed company with asset management, brokerage, research and investment banking arms. No offer has been made for Beltone Private Equity, a separate company.

Some in the brokerage industry are calling for a bailout by the Egyptian Investor Protection Fund (EIPF) as low trading volumes strain the resources of as many as 40 firms, industry insiders say. Al Borsa quotes Financial Securities Chamber of Commerce chief Awni Abdul Aziz as saying the EIPF has cash on hand of about EGP 1.6 bn, a portion of which should be deployed to prevent shops from shuttering. Abdul Aziz says brokers meet with EGX head Mohamed Omran next Sunday and Egyptian Financial Supervisory Authority boss Sherif Samy sometime thereafter to discuss the ailing industry’s fortunes, Al Mal reports.

Investment Ministry reportedly caving in dispute with Housing Ministry over land auctions for new communities. The Housing Ministry has consistently called for NUCA assume GAFI’s power to independently issue tenders for land, with the dispute erupting into public view after the Investment Ministry delayed for more than a month approvals on tenders for 1,500 feddans. While the Investment Ministry will now apparently allow the New Urban Communities Authority (NUCA) to issue tenders for land with less GAFI involvement, NUCA will not be exempt from some articles of the Unified Investment Law, said Investment Minister Ashraf Salman, referring to another demand advanced of the Housing Ministry.

Amendments to the executive regulations of the Civil Services Act will be completed shortly, said Dr. Tarek El Hosseiry, advisor to the Planning Minister. The government has incorporated 85% of the changes that were demanded by citizens, he added. (Read in Arabic)

Al Borsa published its updated car price list for October. The top two spots for most expensive cars are still the 4,700cc and 4,200cc Toyota Land Cruisers, standing at EGP 1.7 mn and EGP 1.6 mn respectively. Meanwhile, the biggest price change seems to be the Jeep Grand Cherokee which jumped EGP 60k to EGP 579k, while on the opposite end of the spectrum, the Citroen DS3’s price fell EGP 10k from EGP 198k to EGP 188k. Not mentioned: The (long) wait times to receive a new vehicle or the obscene “pay to get it now” premiums dealers are charging.

This just in from Lala-land: Gen. Hussein Sweilam, head of a military think tank and the man you may remember as being behind theories like America controlling the weather, and some sort of High Council of the World whose existence is proven by lyrics of a rap group called Army of the Pharaohs, is back at it again. This time, Sweilam was on LTC with Rola Kharsa saying the Renaissance Dam will collapse on its own (watch in Arabic, running time 09:14), flooding Ethiopia and Sudan and reaching the New Valley. For more on why Sweilam is one of our favorite TV personalities, we refer our readers to an old episode of Al Bernameg (Watch in Arabic, running time 16:00).

Anti-government protests erupt throughout Turkey in response to perceived intelligence failure, police response to Ankara bombing: Thousands of mostly Kurdish protesters took to the streets on Sunday to condemn Erdogan’s government for failing to prevent the deadly twin bombing in Ankara on Saturday. The attack, targeting a Kurdish peace rally, left nearly a hundred dead. Co-chair of the Kurdish HDP party Selahattin Demirtas said to a group of mourners on Sunday: “The state which gets information about the bird that flies and every flap of its wing, was not able to prevent a massacre in the heart of Ankara,” as reported by the Washington Post. “Murderer (President Recep Tayyip) Erdoğan,” “murderous police,” the crowd chanted in Ankara’s Sıhhıye Square on Sunday, Turkish newspaper Zaman reported. A demonstration in solidarity was also held in Paris. Video of some of yesterday’s protests may be viewed here, (running time: 20 seconds) and here by the AP, (running time: 48 seconds) Turkey plans to proceed with general elections on 1 November.

EGYPT IN THE NEWS

Coverage on Egypt is mercifully this morning, with two stories dominating headlines in the Western English-language press: Continued coverage of the Mistral agreement after French Prime Minister Manuel Valls’ visit, and love for King Tut. Most of the stories on the latter are wire service pickups on the beard repair job we recently, but this is worth reading:

Will a New Bout of King Tut Fever Bring Visitors Back to Egypt? Peter Hessler, known for his in-depth and often controversial pieces on Egypt for The New Yorker, gives what may be considered the best and most detailed explanation to appear in the media of British archaeologist Nicholas Reeves’ theory that Nefertiti’s mummy could lie in a hidden chamber in King Tutankhamun’s tomb. (Read in National Geographic)

WORTH WATCHING

Sometimes, ‘Worth Watching’ denotes something we recommend or endorse. Other times, it just means “You’re just going to need to watch this,” and today’s entry falls into the latter category.

Dream TV television host Wael El Ebrashy has been having something of a hard time lately. After being accosted on the streets of New York City last month by supporters of the Muslim Brotherhood, Ebrashy is now facing insults at home, as many of our readers may have seen yesterday on social media.

Master-inciter of moral panic El Ebrashy improbably blamed director and producer Karim Sobky (who Ebrashy keeps referring to in the segments below as Ahmed Sobky) for the behavior of a young girl captured on camera while dancing with a knife. El Ebrashy accused Sobky’s films of corrupting public morality by depicting such acts in his films, and therefore encouraging their mimicry.

To be fair: Movies produced by the Sobky family are very popular in Egypt, and there is widespread belief among some that the behavior they depict has a negative influence on society. Ebrashy is part of that media machine, feeding off of the popularity of the films by framing entire episodes of his program around their denouncement. Further, the claim that Sobky’s films directly propagate the tradition of knife dancing is highly dubious.

Sobky himself points out in the longer version of the segment below that it was rather art imitating life, as such knife-dancing is known to occur in poorer communities and is represented in films produced before Sobky’s time in the ‘80s and ‘90s. Sobky finally became fed up with Ebrashy’s media circus and insulted the host live on-air.

Watch the # 1 trending video on YouTube in Egypt at the moment according to Google’s statistics, profanity in Arabic, viewer discretion advised — there is a shorter version that gets right to the insult here, running time: 1:45, or alternately, a longer version of the video that gives more context here, running time: 7:29.

Now, anyone can just call up a television host and insult them; there is nothing inherently special about that. What made this whole exchange transcend into something intangibly magical was that Sobky actually called back — and not to apologize. Rather, Sobky impossibly attributed the insult to background noise — “a passerby?” Ebrashy later interjects, incredulously. The explanation is so implausible that it itself counts as a separate insult. While not encouraging or endorsing this kind of behavior, there is something absolutely thrilling about watching Sobky flatly deny what had just happened moments ago to a visibly incensed Ebrashy. “I didn’t even say anything to you,” Sobky calmly asserts. (Watch in Arabic, running time: 4:20).

As for the alleged cameraman who filmed the young knife-dancing girl, and who is seen in the above video clips screaming hysterically at the top of his lungs at Sobky, images of him participating in a number of pro-Mubarak rallies surfaced on social media, leading to speculation that the man is a paid extra hired to scream at events, or in this case, television programs, as reported by AMAY.

Ebrashy seems to be a glutton for pain, as he had Sobky’s brother, film producer Mohamed Sobky, call in to his program just months ago to defend one of his films from, again, Ebrashy’s accusations of corrupting public decency. And like his brother, Mohamed Sobky comes off as strangely charming as he says that all of the scenes from his movie Halawet Rouh [Rouh’s Beauty] that Ebrashy finds questionable are attributable to a doctored version of his trailer floating around on the internet. Sobky then points out that the trailer for his film is being broadcast on the same channel as Ebrashy’s program, Dream TV, making Ebrashy look more than a little foolish, before tiring of Ebrashy altogether and hanging up. (Watch in Arabic, running time: 4:56)

DIPLOMACY

24 Egyptian fishermen released in Sudan and Tunisia; El Sisi pardons 20 Sudanese prisoners
24 Egyptian fishermen were released in Sudan and Tunisia yesterday after having been arrested for illegally fishing in those nations’ territorial waters. the foreign ministry announced in a statement on Sunday, according to Ahram Online. Sudanese authorities freed 15 fishermen that had been detained since August. The decision comes as part of President Abdel Fattah El Sisi’s pardon of 20 Sudanese prisoners on Sunday, according to Youm7. Furthermore, Hisham El-Nakeeb, foreign minister’s assistant, confirmed that Tunisia released nine fishermen arrested in October for illegal fishing in its territorial waters

ENERGY

Court to rule on whether Shell and Apache can use horizontal drilling
The Administrative Judicial Court will decide on whether Shell and Apache will be allowed to continue using horizontal drilling to explore for oil and gas on 27 October. An independent lawyer, known to be a vexatious litigant (we’re being polite, here), filed a case calling for the halting of drilling operations at the Apollonia field. Shell and Apache are using unconventional drilling techniques on site, including horizontal drilling. The plaintiff says the drilling technique damages the environment, soil, and aquifers. (Read in Arabic)

El Molla seeks new investments, announces signing of four new projects
Oil Minister Tarek El Molla announced reaching agreements with four different IOCs “to speed up finishing projects of the recently discovered oil fields to join the production line,” SIS announced. The state’s information service said the remarks were made following meeting with the presidents of Dana Gas, BG, Petronas, and Engie. El Molla said the company chiefs affirmed their commitment towards the announced plan and pumping new investments in Egypt according to agreements concluded with the ministry.” (Read)

Electricity Ministry to issue tenders to fund the power grid connection project next month
The Electricity Ministry plans to tender by the end of November for finance to back the connection of Egypt’s electricity grid with that of Saudi Arabia. According to Ministry sources, a team from Saudi Arabia is expected to arrive next week to discuss the technicalities of the project which would see Saudi Arabia and Egypt generate and share 3 GW of power by 2017. Among the companies vying for a tender to install power lines are Kalpataru Power Transmission Ltd. (KPTL) and Jyoti. (Read in Arabic)

INFRASTRUCTURE

Arab Contractors complete Alexandria Agricultural Road expansion in March
The Arab Contractors will complete the Alexandria Agricultural Road expansion, in the direction of Kafr El Zayyat, by March 2016 at a total cost of EGP 280 mn, according to Arab Contractors board member Tarek Sakr. The road is being worked on by three other contracting companies, all of which are due to wrap their work in early 2016. The company is also studying projects from the General Authority for Roads and Bridges which include rehabilitating some 200 roads and bridges throughout Greater Cairo. According to Al Borsa, the Arab Contractors were tasked by the NUCA to pave four roads in New Cairo at a total cost of EGP 80 mn and is expected to complete this project in 2018, according to Alaa Abdel Aziz, head of the New Cairo City Authority. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Strategic wheat reserves enough to last until mid-March
Egypt has enough strategic wheat reserves to last until mid-March, Supplies Minister Khaled Fahmy said according to Reuters. The reserves figure was updated after completing the purchase of 180k tonnes of Romanian and Russian wheat on Friday. (Read)

Grocers Syndicate demand EGP 300 mn in bread point receivables
The Grocers Syndicate has demanded the remaining EGP 300 mn in bread point receivables for the month of September, earned when consumers don’t take their daily share of bread from the Ministry of Supply. The total amount of entitlements set aside for the bread subsidy program was EGP 480 mn, but only EGP 180 mn worth of goods were disbursed in September, according to the syndicate’s fund secretary Maged Nady, who also criticized the smart cards company and their machines whose system fails on a “regularly basis.” (Read in Arabic)

REAL ESTATE + HOUSING

Housing Ministry set to complete development of 47 informal settlements
The Ministry of Housing is about to complete development works in 47 informal neighborhoods around Cairo and Giza, as part of its plan to develop unsafe areas throughout the country through the informal area development fund, said Housing Minister Mostafa Madbouli. The development works included paving roads, installing street lights, building markets, fire hydrants and supply infrastructure. Additionally, the Ministry is also working on another 40 neighborhoods around Egypt, including the Maspero Triangle and Tal El Aqarib in Sayeda Zeinab, said Madbouli. (Read in Arabic)

TOURISM

EGP 330 mn additional tax returns from airline tickets
The Egyptian Tax Authority is expecting an additional EGP 330 mn in revenue from additional taxes on airline tickets. This is expected to increase the revenue from taxes on tickets to EGP 600 mn annually, up from EGP 270 mn. The extra revenue will come from an amendment that set the taxes on first and business class ticket at a lump sum of EGP 400 per ticket and EGP 150 on economy tickets. The taxes were previously set at 10% of the ticket prices and capped at EGP 300 and EGP 100 respectively. (Read in Arabic)

Holding Company for Tourism granted permission to tear down Intercontinental Hotel in Opera Square
The Holding Company for Tourism, Hotels, and Cinemas (HOTAC) has been granted permission by the Cairo Governorate to tear down the Intercontinental Hotel in Opera Square. The decision to tear it down came after the hotel was deemed unsafe and likely to collapse, said Mervat Hataba, Chairman of HOTAC. The governorate has asked that the hotel’s facade is preserved. The cost of restoration of the hotel following the 1992 earthquake was EGP 100 mn, according to previous statements from previous HOTAC chairman Samir Hassan, while the cost of demolishing the hotel and rebuilding it is estimated at around EGP 650 mn. (Read in Arabic)

TELECOMS + ICT

Telecom industry professionals suggest providing full VoIP, services but for a fee
As rumours continued to surround the future of voice-over-IP (VoIP) services domestically, industry professionals told Al Shorouk that the government should regulate the related apps and services. The government should allow the provision of VoIP services for a nominal fee, industry professionals suggested. The fee, suggested to be around EGP 10-20 a month, would be used to pay the telecom providers, the NTRA, and the app developers. (Read in Arabic)

BANKING + FINANCE

CIB signs LoI for EUR 80 mn credit facility from AFD
CIB has signed a letter of intent for a EUR 80 mn credit facility from the Agence Française de Développement (AFD), Amwal Al Ghad said. EUR 60 mn is expected to be used in climate sensitive projects, including renewable energy. The remaining EUR 20 mn is provided by Propcaro, an AFD subsidiary, to finance SMEs. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Irrigation Ministry says it controlled a diesel spill in the Nile near Aswan
The Irrigation and Water Resources Ministry says it is now in control of a two kilometre-long 500 metre-wide diesel spill in the Nile at Idfu. The spill appeared on Saturday, reportedly, and four water treatment plants have halted their water intake until the spill is fully under control. (Read in Arabic)

Fawry launches “Hookomty” e-services portal
Fawry has launched “Hookomty” (My Government) a government e-services portal, said company CEO Ashraf Sabry. Egyptian citizens will now be able to complete a wide-range of government services using their computers or handheld mobile devices, he added. The company will launch a countrywide promotional campaign to inform citizens of the portal. (Read in Arabic)

LEGISLATION + POLICY

Prime Minister Sherif Ismail orders formation of economic and monetary policy committee, new advisory groups
Prime Minister Sherif Ismail has formed an expanded version of the Mahalb-era economic committee composed of the governor of the Central Bank of Egypt, as well as the ministers of planning, finance, investment, tourism, international cooperation, petroleum and trade and industry, Youm7 reported last Thursday, in a story that we feel has been underplayed in local media. The committee will advise on both economic and monetary policy. Yesterday, Ismail ordered the formation of a Ministerial Services Group and a Ministerial Social Development Committee, with the decision being published in the Official Gazette. The Ministerial Services Group includes the Housing, Supply, Electricity, Internal Development, Education, Health, Environment, Transport, and Petroleum ministries and will be responsible coordinating on citizen services. The Ministerial Social Development Committee will include the ministers of Endowments, Youth, Social Solidarity, Culture, Antiquities, Higher Education and Immigration and will to implement social programs with a focus on local communities. (Read in Arabic)

Consumer watchdog wants to expedite issuance of consumer protection law
The Consumer Protection Agency (CPA) is pushing for a new consumer protection law that would help “stabilise Egyptian markets,” according to Atef Yaakoub, the head of the agency. The law will reportedly require sellers to display the true and full price of the good or service provided, eliminating the chance for any hidden costs or extra fees. Yaakoub added that it will also force the companies to provide maintenance services for goods sold. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Six foreign NGOs set to monitor parliamentary elections, HEC says
The High Elections Committee (HEC) announced on Sunday that six foreign non-governmental organizations (NGOs) will participate in monitoring the parliamentary elections within Egypt next week, spokesman Omar Marwan said. Foreign journalists, representatives of consulates and embassies, and international organizations including the African Union and the Arab League will monitor the elections as well. (Read in Arabic)

Egypt borrows USD 50 mn from the Africa Growing Together Fund
International Cooperation Minister Dr. Sahar Nasr signed a USD 50 mn loan agreement with the Africa Growing Together Fund to finance the USD 610 mn upgrades and expansions to the Sharm El Sheikh Airport, Al Borsa reports. This loan will supplement a USD 90 mn loan signed with the African Development Bank (AfDB), (a loan agreement noted in yesterday’s issue of Enterprise), which runs the fund. (Read in Arabic)

El Sisi sets two-year deadline for completion of first phase of administrative capital
President Abdel Fattah El Sisi has set a deadline of January 2018 for the completion of the first phase of the administrative capital, at a meeting with Housing Minister, the head of the Engineering Authority of the Armed Forces, and Ibrahim Mahlab, the current special advisor on strategic national projects. The president directed that the new city be a model for future urban communities relying on renewable energy and efficient recycling. (Read in Arabic)

NATIONAL SECURITY

Military Engineering Corps says it has planned out New Rafah City
The Egyptian Army Engineering Corps, headed by General Harb Al Wazeer, announced that it has planned out the construction of a new Rafah City for North Sinai residents who have been ravaged by violence in the past year. The city, expected to be completed in two phases, will incorporate a total of 626 residential buildings with 10,106 units, complete public services, access to commercial zones and schools. (Read in Arabic)

SPORTS

Egypt beats Zambia 3-0 in friendly; two Egyptians nominated for African Player of the Year
The Egyptian national football team beat Zambia 3-0 in a friendly game on Sunday evening in Abu Dhabi, with the Sporting Braga striker Ahmed Hassan “Koka” scoring two goals in the second and 48th minute of competition, KingFut reports. Ahly striker Amr Gamal sealed the game with a goal in stoppage time. In other news, AS Roma’s Mohamed Salah and Zamalek’s Bassem Morsy were in the preliminary list of the CAF African Player of the Year Award. (See game highlights here in Arabic, running time 3:01)

Al Ahly president Mahmoud Taher: “Fans don’t have the right to demand departure of Ahly board”
In comments that will only add more fuel to the fire amid Al Ahly fans’ protests yesterday in front of the team’s headquarters, Al Ahly President Mahmoud Taher said that fans “have no right to demand the sack of the Ahly board”, according to FilGoal. Fans once again gathered in Al Ahly’s main training ground, Mokhtar Al Tetsh Stadium, to protest the recent failures of Al Ahly on Sunday. “Only Al Ahly’s General Assembly has the right to call for the departure of the board,” Taher told CBC Egypt on Sunday. “That being said, we welcome all criticism.” Al Shorouk reported that even more board members had submitted their resignation yesterday, the latest of which included board members Hisham Al Amry and Marwan Hisham.

ON YOUR WAY OUT

Egypt-UAE based marketing and distributing company Mad Solutions to release first Egyptian-Luxembourg produced film: Set to be directed by Luxembourg-based Egyptian director Adolf El Assal, ‘Sawah’ focuses on a 29-year old Egyptian emigre to Luxembourg who struggles to decide to remain in Europe or return home. The film is slated to start production in the second half of 2016, according to Variety.

Actress Entisaar to stand trial on 10 November on accusations of inciting “immorality and debauchery”
The Nasr City Criminal Court says that actress Entisaar will stand trial on 10 November on accusations of inciting “immorality and debauchery,” according to Al Arabiya, due to a segment on her program which we featured in yesterday’s issue of Enterprise, (Watch in Arabic, running time: 3:59). Lawyer Samir Sabry, who filed the lawsuit against Intisar, told Al Arabiya that the actress spoke in an “improper manner on issues of modesty.”